What gives MBIA probable cause to open a court supervised fishing expedition?
Oh...nothing except maybe a little Securities Fraud, Financial Institution Fraud, Slander of Title, Fraudulent Conveyance, Uttering Fraudulent Documents, Fraud upon the Court, and/or Bankruptcy Fraud, RICO Violations, Money Laundering, Conspiracy, Unfair and deceptive acts and practices under state law, Wire fraud, Mail fraud, Identity Theft, FDCPA violations, lack of controls, acting against public policy and it's charter therefore ultra vires (SOX Violations)....
Forget about that for now. Here's is some fraud EVERYONE can understand and wrap their arms around. Last night I finished the last chocolate on the first layer of a Whitman's Sampler. The box is nearly three inches tall and I knew just underneath the first layer I would find more chocolate covered toffee which is my favorite!
I removed the tray and what did I find? NOTHING but a cardboard filler. That's right. EMPTY!
Written with despair for mankind...our box is half empty.
Because MBIA has done some examination on the mortgages on which they’re paying off and MBIA is finding a very high rate of origination fraud.
BofA has now lost their last refuge for a fraudster, ie, being able to cook the numbers. MBIA’s results from their examination of the claims they’ve already paid are so overwhelming that BofA has almost no hope of escaping a put-back now.